- From Amazon’s (NDAQ:AMZN) Alexa to smartphone directions, voice recognition is proving you can be hands-on with these hands-free stocks
- According to market research firm Mordor Intelligence, the voice recognition market size is expected to grow from US$12.16 billion in 2023 to US$34.22 billion by 2028
- Speech recognition is a form of computer linguistics that develops methodologies and technologies that can recognize and translate spoken words into text
- One of the biggest news stories from last year was Microsoft’s (NDAQ:MSFT) US$19.7 billion buyout of artificial intelligence (AI) speech company Nuance Communications
From Amazon’s (NDAQ:AMZN) Alexa to smartphone directions, voice recognition is proving you can be hands-on with these hands-free stocks.
The word on this growing market
According to market research firm Mordor Intelligence, the voice recognition market size is expected to grow from US$12.16 billion in 2023 to US$34.22 billion by 2028, at a compound annual growth rate (CAGR) of 22.98 per cent.
Speech recognition is a form of computer linguistics that develops methodologies and technologies that can recognize and translate spoken words into text. It is also known as automatic speech recognition (ASR), computer speech recognition, or speech to text (STT).
Source: Mordor Intelligence.
Recent news in voice recognition
One of the biggest news stories from last year was Microsoft’s (NDAQ:MSFT) US$19.7 billion buyout of artificial intelligence (AI) speech company Nuance Communications.
Nuance is an industry leader and pioneer in speech and language understanding for more than 20 years, whose services are used by 77 per cent of U.S. hospitals and 85 per cent of the Fortune 100 companies worldwide. This firm is using Microsoft’s resources to advance its business further. Recently, Atrium Health turned to Nuance to use its tools, such as the Dragon Ambient eXperience Copilot to become the first health system in the United States to deploy an AI platform designed to automate the creation of clinical documentation during patient visits.
Back in the spring, Apple Inc. (NDAQ:AAPL) previewed software features for cognitive, vision, hearing and mobility accessibility, along with innovative tools for nonspeaking people, or at risk of losing their ability to speak. These updates draw on advances in hardware and software, including on-device machine learning to ensure user privacy.
Alphabet’s (NDAQ:GOOG) Google has been creating voice recognition tools since 2007 and one of its most useful applications has been in the automotive industry. Automakers from General Motors (NYSE:GM), Honda (NYSE:HMC), Renault (PINL:RNSDF) and Polestar (OTC Pink:PLSAY) have integrated its built-in systems for navigation, operations and entertainment. The latest is Porsche, and its models launched within the next few years will feature a new infotainment operating system. This news was first covered by Reuters.
Looking ahead to the potential capabilities of voice recognition software, Auraya Systems Pty Ltd. recently showcased its fraud detection and prevention with its EVA Forensics platform. Could its work draw the eye of a major corporation? The company provided more details in the video below.
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